(VRfun18) The Metaverse and Organizations

How the Metaverse will affect the future of the Organizations

Image Credit: Unit 2 Games Limited

I think that if I ask most people what the Metaverse is, they will start mumbling something related to virtual reality, and some will say online meeting. Since it is still in the making, no one knows. I’ll say that Mark Zuckerburg, himself, doesn’t know, but I can say that there are many expectations regarding what it is supposed to be.

And we can say that it will be influenced by WEB 3. because it is involved in buying and selling digital assets. We can also say that real-time data will be involved in the Metaverse as data streams and overly on top of AR.

Metaverse is still immersive, and there is still time till he will mature, depending on many variables.

The hardware at the endpoint, the headset, glasses, microphones, etc.

And the Second is Web 3.0. We can say there are still regulation issues, but that is another story.

We can only expect that after apple releases their glasses at the end of 2023, according to MacRumors

And the second model of glasses in 2024/5, as we know, will cause the markets to start “coping “ them, and we can’t forget about the return of google glasses 2. Meanwhile, WEB 3 is taking its formation with NFT, Blockchain as “infrastructure” for web 3, and applications such as SOLA for social networking and solid for identity.

Today the idea of a world where hybrid and digital coexist sharing economy is not yet realized. Still, we are already seeing parts of it implemented in NFT and Digital concurrency.

After all that said, companies cannot afford to wait until the Metaverse is fully developed to start experimenting and investing in it.

Research firm Gartner has predicted that 25% of people will spend at least one hour a day in the Metaverse by 2026. And with technology platforms from the Metaverse expected to become a lucrative market — worth $800 billion by 2024, according to a December 2021 report from Bloomberg — the fear of missing out on the dollars These potentials are a powerful motivator.

The early efforts aim to understand how to operate in the evolving digital world, some for fear of falling behind or missing out entirely.

What companies call the “metaverse” varies greatly. Currently, no augmented reality platform allows user avatars to live, work and shop in what many call the next version of the Internet. And it is not clear how and whether augmented reality projects will converge and integrate to become this vision. The developing Metaverse also carries potential problems, from the emission of greenhouse gases, due to high computing power and electricity and legal challenges.

The potential for metaverse projects exists in a variety of use cases. Below are enterprise-focused and consumer-focused examples that business and IT managers may want to explore to realize the potential of this new digital realm.

Enhancing education and training

The pandemic and the resulting restrictions on personal gatherings have forced educational institutions to adopt e-learning platforms and other digital means of communication on multiple platforms like zoom, teams, google hangouts, and more.

Some may consider that the future Metaverse can stream real-time data and support real-time interactions in cyberspace, changing how educators deliver their lessons.

Think about that you can take an entire class on a journey to Africa to see the safari, or in biology class, you can take them on a road trip inside a human body.

Organizations can also make use of virtual training opportunities. Organizations from various industries will be able to harness Metaverse to provide enhanced training to their employees, instructors, and students from around the world.

They can meet in Metaverse and work together on real-life scenarios using a steady stream of constantly updated data to guide the learning experience.

Work meetings

Many employees have swapped in-person meetings for Zoom meetings / Teams during the COVID-19 pandemic. Tech companies focused on metaverse development, such as Meta (aka Facebook) and Microsoft, are using this convenience as a springboard to the next version of “virtual meetings.”

Within the next two to three years, predicts Bill Gates, most virtual meetings will move from image networks of two-dimensional cameras to the Metaverse, a three-dimensional space with digital avatars. The idea is that eventually, you will use your avatar to meet with people in a virtual space that recreates the feeling of being in a real room with them.

This would require virtual reality (VR) goggles and motion capture gloves to display the expressions, body language, and quality of voices of others. Such tools could extend the reach of workers, allowing them to perform tasks virtually.

(Image credit: Future)

The technology will be able to transport them to other workplaces and, at the same time, allow them to interact with others in both virtual and physical worlds.

Branding, advertising, and marketing opportunities

Several brands are creating a presence in established VR settings. For example, Hyundai Motor Company debuted a metaverse experience on the Roblox gaming platform where gamer avatars can experience future Hyundai mobility projects and current products. And last year, Warner Bros. Pictures hosted a virtual party on Roblox to promote its film Adventure in the Sky. Also, the Walt Disney Company is a long-time leader in imaginary worlds from its own “metaverse” project brand.

In November 2020, the head of digital and technology for Disney Parks, Experiences and Products Inc. announced Disney’s “theme park metaverse” initiative, where “the physical and digital worlds will come together with wearables, smartphones, and digital access points. Immersing guests in the metaverse experiences.”

Computer vision, natural language understanding, AR, AI, and IoT are the base technologies for the application.

Music, Movies and Entertainment

At first glance, the entertainment in the Metaverse may not fit the organization. But business and IT managers may want to keep an eye on this area. Entertainment in the Metaverse is gaining a lot of interest, especially from young consumers who are expected to lead to Metaverse growth.

Pop star Ariana Grande’s 2021 concert series within the Fortnite gaming universe and similar events hint at how Metaverse — will provide new immersive entertainment experiences. Travis Scott Scott’s Fortnite concert grossed roughly $20 million, including merchandise sales and 27.7 million unique users.

Considering the progress made in metaverse technologies by gaming platforms, the entertainment sector is undoubtedly the use case with the most activity so far.

The movie industry will also find its way into the Metaverse with exclusive movies or with red carpet premieres.

Business activity

Organizations in all industries are already using augmented reality (AR) to improve operations.

In the Metaverse, it will support a more collaborative environment where data is ubiquitous and always present;

For example, the predictive Metaverse should provide a much more immersive experience for operations workers who can use technology to guide even the most complex field and service work and coordinate more fully with others.

Customer experiences

Metaverse platforms have the potential to change how, when and where companies interact with their customers, as augmented reality platforms enable businesses to deliver new experiences and deliver information in new ways.

Companies can offer customers alternative shopping experiences. For example, car manufacturers can offer test drives in augmented reality.

A ski website, for example, can create a virtual guide for skiers as they move down the mountain, providing personalized information in real-time to improve the skiers’ experience. Alternatively, a tour company can offer a continuous, immersive experience in the virtual realm superimposed on the physical world to inform tourists as they pass through new destinations — for example, reliving historical events in ancient cities.

Digital Real estates

Early efforts are looking at digital representations of real estate as well. According to a New York Times article, “Investors are finding concert halls, shopping malls and other properties in the Metaverse. This virtual real estate is highly speculative but attracts interest from certain groups.

A restaurant, for example, can create a presence in the Metaverse so that customers who work, play or explore in this digital space can easily and quickly order pickup or delivery from the real world. A restaurant can create a seamless experience in Web3, where the user can enter the restaurant virtually and place an order using or accumulate Loyalty points that the company tracks digitally. A future Metaverse, in theory, will allow the user to do all of this without going from one web page to the restaurant’s website — as is the case today.

According to Forbes , McDonald’s is already

New money

In the business world, we call new streams of income new money. Today companies already sell goods and services that only exist in the digital world.

Brands like Burberry, Coach and Longines are beginning to sell NFTs in their virtual fashion exhibition.

Gucci has created a limited series of collectible NFTs. Ralph Lauren sells clothes to avatars, and Nike creates an NFT that links to its real-world counterpart.

The fact that big-name fashion brands are selling digital-only clothing and accessories, following gaming platforms that have been selling similar items for many years, may point to broader business opportunities.

Digital assets can be one of the biggest opportunities for many companies.

More connected work experience

The fully realized Metaverse should be able to flow information in ways that will make workers more efficient and productive.

An example of this Metaverse use case might look like this: City workers who need to inspect properties around the community can use the Metaverse digital overlay on top of the real world to see a stream of needed information about the properties as they look at them.

An employee could look at a reported broken traffic light, get details about that complaint, and immediately update its repaired status. In addition, the metaverse platform can provide a means to inform other employees and community members of the corrected status, all within the same platform.

How it will shape IT organizations?

Business and IT managers must deal with several security risks and challenges. They will also have to solve technological problems. Most of the metaverse use cases fall into the still unknown category.

The maturing of meta-versal platforms will gradually change how the world interacts, but the cumulative change will be dramatic.

Metaverse will change how people interact with other people, how people interact with digital, and how digital interacts with other digital.

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